Weekly Jobless Claims Fall Sharply

Four-Week Moving Average Also Declines

WASHINGTON—The number of Americans seeking new unemployment benefits dropped sharply last week, the latest sign of steady improvement in the labor market.

Initial jobless claims, a proxy for layoffs across the U.S., fell by 24,000 to a seasonally adjusted 334,000 in the week ended July 13, the Labor Department said Thursday. Also, the prior week's figure was revised to 358,000 new claims from an initially reported 360,000. Economists...